By Rebecca Melvin
Concord, N.H., Feb. 25 – Kane Bidco Ltd. has priced five-year senior secured notes (B1/B) in two parts at par, according to a notice and market sources on Friday.
Kane is an intermediate holding company of True Potential Group Ltd.
The notes included a £400 million tranche of 6½% notes and a €360 million tranche of 5% notes.
Further details were not immediately available. As previously reported, the sterling notes had been talked to yield in the 6½% area, and the euro-denominated notes had been talked to yield in the 5% area.
Credit Suisse International was the left lead bookrunner of the Regulation S and Rule 144A deal together with UBS, Goldman Sachs, Barclays, Lloyds and NatWest as bookrunners.
The notes in both tranches become callable after two years at par plus 50% of the respective coupons.
Proceeds will be used to fund the acquisition of a majority stake in the U.K.-based wealth management company by Cinven and to repay debt.
| Issuer: | Kane Bidco Ltd.
|
| Guarantor: | True Potential Group Ltd.
|
| Issue: | Senior secured notes
|
| Amount: | £675 million equivalent
|
| Maturity: | Five years
|
| Price: | Par
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody’s: B1
|
| S&P: B
|
|
|
| Sterling notes
|
| Amount: | £400 million
|
| Coupon: | 6½%
|
|
|
| Euro-denominated notes
|
| Amount: | €360 million
|
| Coupon: | 5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
